Mortgage rates stirred higher ahead of the election this week, with the 30-year fixed-rate averaging 3.57 percent, up from 3.54 percent the week prior, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage had an average 0.5 point.
“This week’s survey reflects pre-election market conditions,” says Sean Becketti, chief economist at Freddie Mac. “As a result, the 30-year mortgage rate increased to 3.57 percent, only three basis points higher than last week’s level. On Wednesday, the 10-year Treasury yield closed above 2 percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.”
The 15-year fixed-rate, in addition, averaged higher this week, at 2.88 percent with 0.5 point, up from 2.84 percent the previous week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged higher at 2.88 percent, as well.
For more information, please visit www.freddiemac.com.